03.05.2013Ticker: Electricite de France SA Benchmark:Currency: EN Paris: EDF, Currency: EUR CAC 40 INDEX (CAC)Sector: Util...
Electricite de France SATarget price in EURDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target...
03.05.2013Electricite de France SAOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 1846.7 Fran...
Electricite de France SAFinancial information is in EUR (M)Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12...
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EBalance SheetTotal Curr...
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15ECash FlowsNet Income 48...
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15ERatio AnalysisValuation...
EDF GDF SUEZ E.ON SE RWE AG CENTRICA PLC IBERDROLA SAVEOLIAENVIRONNESSE PLC ENEL SPA ENDESA EDP ELETROBRAS-PR B FORTUM OYJ...
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Financial analysis edf sa (electricite de france) produces, transmits, distributes, imports and exports electricity. the company, using nuclear power, coal and gas, provides electricity for french energy consumers

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Financial analysis edf sa (electricite de france) produces, transmits, distributes, imports and exports electricity. the company, using nuclear power, coal and gas, provides electricity for french energy consumers

  1. 1. 03.05.2013Ticker: Electricite de France SA Benchmark:Currency: EN Paris: EDF, Currency: EUR CAC 40 INDEX (CAC)Sector: Utilities Industry: Electric Utilities Year:Telephone 33-1-40-42-22-22 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)Website www.edf.fr No of Employees Generation Supply 54594 France 39120Address 22-30 Avenue de Wagram Paris Cedex 08, 75382 France Distribution 14625 Italy 10098Share Price Performance in EUR Other 4073 United Kingdom 9739Price 17.80 1M Return 16.4% Eliminations -563 Other International 797652 Week High 17.89 6M Return 12.6% Transmission Other Activities 579652 Week Low 12.86 52 Wk Return 18.1% Integrated Utilities Germany52 Wk Beta 0.82 YTD Return 27.3%Credit RatingsBloomberg IG8S&P A+ Date 17.01.2012 Outlook STABLEMoodys Aa3 Date 14.01.2009 Outlook NEGFitch A+ Date 07.01.2009 Outlook STABLEValuation Ratios12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 21.1x 89.1x 11.1x 7.8x 10.2x 9.3x 8.5xEV/EBIT 13.3x 15.1x 9.2x 9.7x - - -EV/EBITDA 7.7x 6.0x 5.1x 5.1x 5.0x 4.7x 4.5xP/S 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.4xP/B 2.6x 1.8x 1.2x 1.0x 1.0x 1.0x 1.0xDiv Yield 2.8% 3.7% 6.1% 8.2% 6.6% 6.6% 6.8%Profitability Ratios %12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin - - - - 20.7 21.7 -EBITDA Margin 27.2 24.0 21.6 19.7 21.7 22.4 22.7Operating Margin 15.7 9.6 12.0 10.3 11.8 12.5 12.6Profit Margin 6.6 1.6 4.8 4.6 4.5 4.8 5.0Return on Assets 1.8 0.4 1.3 1.4 2.7 2.8 1.9Return on Equity 14.7 3.3 10.5 12.2 10.9 10.9 10.9Leverage and Coverage Ratios12/09 12/10 12/11 12/12Current Ratio 1.1 1.3 1.3 1.2 Current Capitalization in EURQuick Ratio 0.7 0.8 0.8 0.8 Common Shares Outstanding (M) 1846.7EBIT/Interest 3.4 2.3 3.4 3.1 Market Capitalization (M) 32909.8Tot Debt/Capital 0.6 0.6 0.6 0.7 Cash and ST Investments (M) #N/A N/ATot Debt/Equity 1.8 1.4 1.7 2.1 Total Debt (M) #N/A N/AEff Tax Rate % 27.5 55.4 28.3 30.8 Preferred Equity (M) 0.0LT Investments in Affiliate Companies (M) 0.0Investments (M) 0.0Enterprise Value (M)EDF SA (Electricite de France) produces, transmits, distributes, imports and exportselectricity. The Company, using nuclear power, coal and gas, provides electricity forFrench energy consumers.EDF FP72729154730Company Analysis - Overview73%20%6% 1%Generation Supply DistributionOther Eliminations54%14%13%11%8%FranceItalyUnited KingdomOther InternationalOther ActivitiesQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Electricite de France SATarget price in EURDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date30-Apr-13 29% 38% 33% 3-May-13 17.80 15.78 Morgan Stanley EMMANUEL TURPIN Overwt/In-Line 19.00 3-May-1329-Mar-13 29% 38% 33% 2-May-13 17.24 15.78 Societe Generale VINCENT AYRAL buy 20.00 2-May-1328-Feb-13 25% 42% 33% 1-May-13 16.97 15.78 Raymond James EMMANUEL RETIF underperform 12.90 2-May-1331-Jan-13 23% 36% 41% 30-Apr-13 16.97 15.73 Bryan Garnier & Cie JULIEN DESMARETZ sell 12.00 2-May-1331-Dec-12 30% 45% 25% 29-Apr-13 16.83 15.72 AlphaValue MYRIAM COHEN reduce 16.50 2-May-1330-Nov-12 20% 50% 30% 26-Apr-13 16.28 15.72 Deutsche Bank MARTIN BROUGH sell 12.50 1-May-1331-Oct-12 38% 38% 24% 25-Apr-13 16.44 15.78 JPMorgan VINCENT DE BLIC overweight 20.00 1-May-1328-Sep-12 43% 35% 22% 24-Apr-13 16.35 15.78 S&P Capital IQ CLIVE ROBERTS sell 15.00 1-May-1331-Aug-12 42% 42% 17% 23-Apr-13 16.28 15.78 Exane BNP Paribas BENJAMIN LEYRE outperform 20.00 1-May-1331-Jul-12 46% 46% 8% 22-Apr-13 15.90 15.78 Barclays JULIE ARAV underweight 13.00 1-May-1329-Jun-12 48% 48% 4% 19-Apr-13 15.77 15.78 Goldman Sachs ANDREW MEAD neutral/neutral 18.40 26-Apr-1331-May-12 46% 50% 4% 18-Apr-13 15.54 16.08 Credit Suisse MICHEL DEBS underperform 12.00 18-Apr-1317-Apr-13 15.57 16.33 Day by Day VALERIE GASTALDY buy 18.25 10-Apr-1316-Apr-13 15.76 16.32 HSBC ADAM DICKENS neutral 17.00 5-Apr-1315-Apr-13 16.17 16.32 Macquarie SHAI HILL outperform 19.00 21-Mar-1312-Apr-13 16.16 16.32 EVA Dimensions AUSTIN BURKETT hold 25-Feb-1311-Apr-13 16.33 16.07 Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 16.50 15-Feb-1310-Apr-13 16.37 16.07 Kepler Capital Markets INGO BECKER reduce 13.00 15-Feb-139-Apr-13 15.78 16.07 Natixis PHILIPPE OURPATIAN neutral 16.20 15-Feb-138-Apr-13 15.54 16.07 Berenberg Bank TEAM COVERAGE hold 14.60 5-Feb-135-Apr-13 15.57 15.87 Main First Bank AG ANDREAS THIELEN underperform 15.50 29-Jan-134-Apr-13 15.59 15.81 DZ Bank AG HASIM SENGUEL buy 33.00 15-Nov-113-Apr-13 15.29 15.812-Apr-13 15.42 15.981-Apr-13 14.96 15.9829-Mar-13 14.96 15.9828-Mar-13 14.96 15.9827-Mar-13 15.07 15.9826-Mar-13 15.31 15.9825-Mar-13 14.95 15.98Company Analysis - Analysts RatingsBuy and Sell Recommendations vs Price and Target Price46% 48% 46% 42% 43%38%20%30%23% 25% 29% 29%50% 48%46%42% 35%38%50%45%36%42% 38% 38%4% 4% 8%17%22% 24%30%25%41%33% 33% 33%0%20%40%60%80%100%mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13 avr.13BrokerRecommendation051015202530PriceBuy Hold Sell Price Target PriceBrokers Target Price05101520253035MorganStanleySocieteGeneraleRaymondJamesBryanGarnier&CieAlphaValueDeutscheBankJPMorganS&PCapitalIQExaneBNPParibasBarclaysGoldmanSachsCreditSuisseDaybyDayHSBCMacquarieEVADimensionsLandesbankBaden-WuerttembergKeplerCapitalMarketsNatixisBerenbergBankMainFirstBankAGDZBankAGQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 03.05.2013Electricite de France SAOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 1846.7 France 98.25%Float 15.5% United States 1.03%Short Interest (M) Luxembourg 0.26%Short Interest as % of Float Britain 0.09%Days to Cover Shorts Ireland 0.08%Institutional Ownership 86.59% Spain 0.06%Retail Ownership 13.41% Germany 0.05%Insider Ownership 0.00% Others 0.18%Institutional Ownership DistributionGovernment 97.60%Investment Advisor 2.39%Insurance Company 0.01%Unclassified 0.00%Pricing data is in EUR Others 0.00%Top 20 Owners:Holder Name Position Position Change Market Value % of Ownership Report Date Source CountryFRENCH STATE 1561222705 0 27789764149 84.44% 31.12.2011 Co File FRANCETHORNBURG INVESTMENT 3709100 -650900 66021980 0.20% 28.02.2013 MF-AGG UNITED STATESNATIXIS ASSET MANAGE 3302225 -33501 58779605 0.18% 28.03.2013 MF-AGG FRANCEALLIANCE BERNSTEIN 2491094 939663 44341473 0.13% 31.03.2013 ULT-AGG UNITED STATESVANGUARD GROUP INC 2448957 61552 43591435 0.13% 31.03.2013 MF-AGG UNITED STATESING INTERNATIONAL AD 2303862 353730 41008744 0.12% 31.01.2013 MF-AGG LUXEMBOURGBLACKROCK 2283398 6376 40644484 0.12% 01.05.2013 ULT-AGG UNITED STATESNUVEEN ASSET MANAGEM 1830103 -118251 32575833 0.10% 31.03.2013 MF-AGG UNITED STATESAVIVA PLC 1574700 0 28029660 0.09% 28.03.2013 MF-AGG BRITAINELECTRICITE DE FRANC 1175594 0 20925573 0.06% 31.12.2011 Co File FRANCEJP MORGAN 1035558 63472 18432932 0.06% 31.03.2013 ULT-AGGAMUNDI 910947 5886 16214857 0.05% 31.12.2012 MF-AGG FRANCEAMUNDI 828591 0 14748920 0.04% 31.12.2012 MF-AGG FRANCESTATE STREET 816508 -13911 14533842 0.04% 02.05.2013 ULT-AGG UNITED STATESFMR LLC 674534 13561 12006705 0.04% 31.03.2013 ULT-AGG UNITED STATESBANK OF NEW YORK MEL 669306 0 11913647 0.04% 01.05.2013 MF-AGG UNITED STATESSANFORD C BERNSTEIN 656530 0 11686234 0.04% 30.11.2012 MF-AGG UNITED STATESAGICAM 644691 0 11475500 0.03% 28.02.2013 MF-AGG FRANCEROTHSCHILD & COMPAGN 640000 0 11392000 0.03% 31.01.2013 MF-AGG FRANCETAUBE HODSON STONEX 610970 0 10875266 0.03% 31.01.2013 MF-AGG BRITAINTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceGRILLAT ALEXANDRE 328 5838 0.00% 31.12.2011 Co FileCROUZET PHILIPPE 200 3560 0.00% 31.12.2011 Co FileJAY MICHAEL 200 3560 0.00% 31.12.2011 Co FileLAFONT BRUNO 150 2670 0.00% 31.12.2011 Co FileFAUGERE MIREILLE 106 1887 0.00% 31.12.2011 Co FileCompany Analysis - OwnershipOwnership Type87%13%0%Institutional Ownership Retail Ownership Insider OwnershipGeographic Ownership99%0%0% 0%0% 0%0%1%France United States Luxembourg BritainIreland Spain Germany OthersInstitutional Ownership98%0% 0%0%2%Government Investment Advisor Insurance CompanyUnclassified OthersTOP 20 ALLQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Electricite de France SAFinancial information is in EUR (M)Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EIncome StatementRevenue 48359 44919 46788 51047 58932 59637 63847 59140 65320 65307 72729 73750 75979 78743- Cost of Goods SoldGross Income 15266 16487- Selling, General & Admin Expenses 43893 38930 38403 43054 49576 49646 55937 49834 59080 57495 65236(Research & Dev Costs) 402 389 375 421 438 486 518 527Operating Income 4466 5989 8385 7993 9356 9991 7910 9306 6240 7812 7493 8672 9492 9914- Interest Expense 1986 1508 1568 1556 1655 1660 1684 2529 2528 2017 2018- Foreign Exchange Losses (Gains) 96 -24 59 -175 -36 72 66 9 -63 15 -2- Net Non-Operating Losses (Gains) 983 2003 5075 1844 819 634 933 1562 1827 1057 334Pretax Income 1401 2502 1683 4768 6918 7625 5227 5206 1948 4723 5143 4940 5562 5876- Income Tax Expense 986 1567 1072 1445 1146 1841 1599 1432 1079 1336 1586Income Before XO Items 415 935 611 3323 5772 5784 3628 3774 869 3387 3557- Extraordinary Loss Net of Tax 0 0 0 -5 -9 0 -311 -380 0 0- Minority Interests -66 78 -13 93 172 175 144 183 229 239 241Diluted EPS Before XO Items 0.53 0.38 1.96 3.07 3.08 1.91 1.97 0.34 1.70 1.80Net Income Adjusted* 481 857 1341 3242 4227 4718 4308 3905 3925 3520 4216 3305 3656 3961EPS Adjusted 0.00 0.00 0.38 1.97 2.33 2.59 2.37 2.14 2.12 1.91 2.29 1.74 1.92 2.08Dividends Per Share 0.00 0.79 1.16 1.28 1.28 1.15 1.15 1.15 1.15 1.17 1.18 1.20Payout Ratio % 0.0 0.0 44.6 37.7 41.6 66.8 59.2 331.6 67.5 64.1 0.67 0.61 0.58Total Shares Outstanding 1626 1626 1822 1822 1822 1819 1849 1848 1848 1847Diluted Shares Outstanding 1626 1626 1648 1822 1822 1823 1824 1848 1847 1847EBITDA 9881 12523 13227 13010 14719 15619 13624 16102 15688 14097 14342 15982 17031 17848*Net income excludes extraordinary gains and losses and one-time charges.Equivalent EstimatesCompany Analysis - Financials I/IVFiscal YearQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EBalance SheetTotal Current Assets 30765 31909 35784 47612 48262 51577 59154 60214 63670 67980 68085+ Cash & Near Cash Items 1172 2523 3820 7220 3308 6035 5869 6982 4829 5743 5874+ Short Term Investments 2511 11966 17010 14876 12450 16788 16980 16433+ Accounts & Notes Receivable 12368 14394 13733 16107 15716 16100 19144 19633 19524 20908 22497+ Inventories 8102 6924 6678 6695 7431 8678 9290 12662 12685 13581 14213+ Other Current Assets 6612 8068 11553 5624 4797 5888 24851 8487 9844 10768 9068Total Long-Term Assets 114074 114991 115675 123524 130824 134572 141338 179821 176889 163982 182033+ Long Term Investments 8569 7315 8118 9012 13094 15805 18103 24498 24921 24260 30471Gross Fixed Assets 180818 179049 181351 188655 193422 198301 204620 231582 199645 208464 222167Accumulated Depreciation 85396 80037 83706 86988 89541 93360 97045 103540 92445 96496 99925+ Net Fixed Assets 95422 99012 97645 101667 103881 104941 107575 128042 107200 111968 122242+ Other Long Term Assets 10083 8664 9912 12845 13849 13826 15660 27281 44768 27754 29320Total Current Liabilities 33583 35356 37278 39932 44922 48692 58217 57177 49651 51409 58368+ Accounts Payable 6353 8164 6663 8872 9457 9867 13957 13348 12805 13681 14643+ Short Term Borrowings 8146 9890 9759 11933 15110 16918 18958 16560 12766 12789 17521+ Other Short Term Liabilities 19084 17302 20856 19127 20355 21907 25302 27269 24080 24939 26204Total Long Term Liabilities 96387 91705 104212 110930 109365 108661 117277 148191 154005 147881 161038+ Long Term Borrowings 21366 19714 20636 23511 19983 17607 25584 44755 40646 42688 46980+ Other Long Term Borrowings 75021 71991 83576 87419 89382 91054 91693 103436 113359 105193 114058Total Liabilities 129970 127061 141490 150862 154287 157353 175494 205368 203656 199290 219406+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0+ Minority Interest 986 915 897 961 1490 1586 1801 4776 5586 4189 4854+ Share Capital & APIC 8154 8129 8129 911 911 911 911 924 924 924 924+ Retained Earnings & Other Equity 5729 10795 943 18402 22398 26299 22286 28967 30393 27559 24934Total Shareholders Equity 14869 19839 9969 20274 24799 28796 24998 34667 36903 32672 30712Total Liabilities & Equity 144839 146900 151459 171136 179086 186149 200492 240035 240559 231962 250118Book Value Per Share 11.64 5.58 10.60 12.79 14.93 12.75 16.17 16.94 15.42 14.00 17.09 17.86 18.66Tangible Book Value Per Share 7.63 1.48 5.62 7.73 9.62 7.31 5.83 7.94 6.57 4.24Company Analysis - Financials II/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15ECash FlowsNet Income 481 857 624 3230 5605 5618 3484 3902 1020 3148 3316 3327 3717 3975+ Depreciation & Amortization 5415 6534 4842 5017 5363 5628 5714 6796 9448 6285 6849+ Other Non-Cash Adjustments 2753 -712 2056 -1179 173 -755 -1415 1983 977 849 2149+ Changes in Non-Cash Capital 470 17 473 1371 654 -269 -211 -1468 -335 -1785 -2390Cash From Operating Activities 9119 6696 7995 8439 11795 10222 7572 11213 11110 8497 9924+ Disposal of Fixed Assets 1683 1778 383 392 272 229 214 201 188 497 748+ Capital Expenditures -7486 -4963 -4940 -5168 -5935 -7490 -9703 -11777 -12241 -11134 -13386 -12750 -12803 -13035+ Increase in Investments 0 -1413 -2894 -8797 -6895 -6272 -1792+ Decrease in Investments 0 0 761 1580 462 222+ Other Investing Activities -4080 -557 -97 -2951 691 253 -281 -14120 3398 3624 20Cash From Investing Activities -9883 -5155 -3893 -10621 -13769 -5428 -16665 -25234 -14927 -6791 -14410+ Dividends Paid -378 -208 -321 -374 -1439 -3170 -2438 -1228 -2163 -2122 -2125+ Change in Short Term Borrowings 0 0+ Increase in Long Term Borrowings 6250 8236 3865 2810 3686 7059 15717 29272 8642 5846 12431+ Decrease in Long Term Borrowings -3893 -9287 -7230 -3247 -4254 -6357 -4882 -15244 -4652 -4071 -4869+ Increase in Capital Stocks 0 33 43 6377 24 178 249 12+ Decrease in Capital Stocks 0 0 -6 -180 -10 -14 -15+ Other Financing Activities 178 122 162 686 45 229 461 2549 488 -1176 -809Cash From Financing Activities 2157 -1104 -3481 6252 -1938 -2067 8927 15361 2305 -1537 4613Net Changes in Cash 1393 437 621 4070 -3912 2727 -166 1340 -1512 169 127Free Cash Flow (CFO-CAPEX) 1633 1733 3055 3271 5860 2732 -2131 -564 -1131 -2637 -3462 -1535 -561 -381Free Cash Flow To Firm 2221 2297 3624 4355 7241 3991 -962 1269 -3 -1191 -2066Free Cash Flow To Equity 5673 2460 73 3226 5564 3663 8918 13665 3047 -365 4848Free Cash Flow per Share 1.07 1.88 1.98 3.22 1.50 -1.17 -0.31 -0.61 -1.43 -1.87Company Analysis - Financials III/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15ERatio AnalysisValuation RatiosPrice Earnings 16.3x 17.9x 26.5x 21.7x 21.1x 89.1x 11.1x 7.8x 10.2x 9.3x 8.5xEV to EBIT 9.4x 12.5x 16.4x 14.7x 13.3x 15.1x 9.2x 9.7xEV to EBITDA 5.8x 7.9x 10.5x 8.5x 7.7x 6.0x 5.1x 5.1x 5.0x 4.7x 4.5xPrice to Sales 1.0x 1.7x 2.5x 1.2x 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.4xPrice to Book 3.0x 4.3x 5.5x 3.3x 2.6x 1.8x 1.2x 1.0x 1.0x 1.0x 1.0xDividend Yield 2.5% 2.1% 1.6% 3.1% 2.8% 3.7% 6.1% 8.2% 6.6% 6.6% 6.8%Profitability RatiosGross Margin 20.7% 21.7%EBITDA Margin 20.4% 27.9% 28.3% 25.5% 25.0% 26.2% 21.3% 27.2% 24.0% 21.6% 19.7% 21.7% 22.4% 22.7%Operating Margin 9.2% 13.3% 17.9% 15.7% 15.9% 16.8% 12.4% 15.7% 9.6% 12.0% 10.3% 11.8% 12.5% 12.6%Profit Margin 1.0% 1.9% 1.3% 6.3% 9.5% 9.4% 5.5% 6.6% 1.6% 4.8% 4.6% 4.5% 4.8% 5.0%Return on Assets 0.3% 0.6% 0.4% 2.0% 3.2% 3.1% 1.8% 1.8% 0.4% 1.3% 1.4% 2.7% 2.8% 1.9%Return on Equity 3.5% 5.2% 4.5% 22.8% 26.3% 22.2% 13.8% 14.7% 3.3% 10.5% 12.2% 10.9% 10.9% 10.9%Leverage & Coverage RatiosCurrent Ratio 0.92 0.90 0.96 1.19 1.07 1.06 1.02 1.05 1.28 1.32 1.17Quick Ratio 0.48 0.48 0.47 0.88 0.80 0.76 0.43 0.68 0.83 0.85 0.77Interest Coverage Ratio (EBIT/I) 2.25 3.97 5.35 5.14 5.65 6.02 4.70 3.43 2.27 3.44 3.07Tot Debt/Capital 0.66 0.60 0.75 0.64 0.59 0.55 0.64 0.64 0.59 0.63 0.68Tot Debt/Equity 1.98 1.49 3.05 1.75 1.42 1.20 1.78 1.77 1.45 1.70 2.10OthersAsset Turnover 0.34 0.31 0.31 0.32 0.34 0.33 0.33 0.27 0.27 0.28 0.30Accounts Receivable Turnover 4.08 3.36 3.33 3.42 3.70 3.75 3.62 3.05 3.34 3.23 3.35Accounts Payable TurnoverInventory TurnoverEffective Tax Rate 70.4% 62.6% 63.7% 30.3% 16.6% 24.1% 30.6% 27.5% 55.4% 28.3% 30.8%Company Analysis - Financials IV/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. EDF GDF SUEZ E.ON SE RWE AG CENTRICA PLC IBERDROLA SAVEOLIAENVIRONNESSE PLC ENEL SPA ENDESA EDP ELETROBRAS-PR B FORTUM OYJ NATIONAL GRID PLSUEZENVIRONNEME12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 03/2012 12/2012 12/2012 12/2012 12/2011 12/2012 03/2012 12/201217.91 20.35 19.80 36.47 394.30 4.29 11.10 1575.00 3.30 19.53 2.63 23.28 16.69 828.00 11.1603.07.2012 21.08.2012 14.09.2012 12.09.2012 23.04.2013 02.01.2013 04.05.2012 03.05.2013 14.01.2013 13.03.2013 25.04.2013 03.05.2012 08.05.2012 02.05.2013 03.05.201313.39 14.05 12.42 25.83 301.20 2.63 7.38 1286.00 2.02 11.30 1.63 7.05 12.81 636.00 7.8129.11.2012 01.03.2013 08.02.2013 19.04.2013 22.06.2012 26.07.2012 16.11.2012 25.07.2012 24.07.2012 25.07.2012 31.05.2012 22.11.2012 23.07.2012 25.07.2012 19.11.20122051126 3242924 13513151 2180582 3939733 21942857 5018018 627189 19556433 92969 1884322 193000 2829947 2129512 108591417.80 16.63 13.98 27.78 377.80 4.21 10.58 1573.00 2.96 17.52 2.60 8.70 14.55 826.50 11.13-0.6% -18.3% -29.4% -23.8% -4.2% -2.0% -4.7% -0.1% -10.2% -10.3% -1.0% -62.6% -12.8% -0.2% -0.3%32.9% 18.3% 12.5% 7.6% 25.4% 59.9% 43.4% 22.3% 46.6% 55.0% 59.9% 23.4% 13.6% 30.0% 42.4%1846.7 2357.3 1906.8 614.7 5199.0 6053.2 507.8 944.7 9403.4 1058.8 3624.6 1352.6 888.4 3701.0 509.132910 40113 27964 17022 19599 26419 5524 15169 27853 18549 9518 7933 12926 30310 567664501.0 57552.0 25944.0 19946.0 5328.0 32884.1 17001.6 6245.6 66539.0 10860.0 20524.0 52563.3 8777.0 23025.0 9918.4- - - - - - - - - - - - - - -4854.0 11462.0 3862.0 1613.0 - 324.8 1973.6 - 16387.0 5716.0 3239.0 196.6 616.0 7.0 1995.322307.0 11383.0 6097.0 5276.0 938.0 6575.5 5547.8 189.2 9891.0 7423.0 2123.0 11456.3 963.0 2723.0 2270.879958 97744 51673 33305 23989 54076 18951 20415 100888 27702 31158 49237 21026 51245 15319LFY 72729.0 97038.0 132093.0 50771.0 23942.0 34201.2 29438.5 31723.9 82699.0 33933.0 16339.9 39538.9 6159.0 13832.0 15101.6LTM 72729.0 97038.0 132093.0 50771.0 23942.0 34597.8 29438.5 31337.3 82699.0 33781.0 16048.9 39232.5 6249.0 13605.0 15101.6CY+1 73749.5 81162.0 111418.7 53546.9 24542.4 33746.5 25737.4 31332.2 81744.2 33336.3 15466.6 25594.0 6344.3 14417.8 15346.4CY+2 75979.2 81900.2 112638.7 53803.9 25538.9 34867.6 25914.5 31732.5 82556.8 34224.8 16116.3 28261.5 6470.1 15066.6 15915.1LFY 1.0x 1.0x 0.4x 0.7x 0.9x 1.5x 0.6x 0.6x 1.2x 0.8x 1.8x 1.3x 3.6x 3.3x 0.9xLTM 1.0x 1.0x 0.4x 0.7x 0.9x 1.5x 0.6x 0.6x 1.2x 0.8x 1.8x 1.3x 3.5x 3.4x 0.9xCY+1 1.1x 1.1x 0.5x 0.6x 1.0x 1.6x 0.7x 0.7x 1.1x 0.9x 2.0x - 3.4x 3.6x 1.0xCY+2 1.1x 1.0x 0.4x 0.6x 0.9x 1.5x 0.6x 0.7x 1.0x 0.8x 1.9x - 3.3x 3.5x 1.0xLFY 14342.0 18401.0 8443.0 9055.0 3698.0 7177.7 2684.9 1946.8 16150.0 7005.0 3612.0 3443.4 2360.0 4777.0 2246.9LTM 14342.0 18401.0 8443.0 9201.0 3698.0 7639.5 2684.9 2073.9 16150.0 7031.0 3720.6 3443.4 2413.0 4991.0 2246.9CY+1 15982.1 13786.8 9554.8 8828.3 3965.5 7580.0 2213.2 2208.6 16053.9 6625.3 3645.3 2351.0 2446.0 5042.9 2508.3CY+2 17030.6 13928.0 9754.7 8597.0 4200.6 7816.1 2294.5 2356.2 16053.2 6760.7 3860.7 3500.0 2428.7 5419.3 2673.9LFY 5.1x 5.1x 6.0x 3.9x 5.9x 7.0x 6.7x 9.5x 6.3x 3.9x 8.3x 14.5x 9.3x 9.6x 6.4xLTM 5.1x 5.1x 6.0x 3.9x 5.9x 6.6x 6.7x 9.0x 6.3x 3.8x 7.9x 14.5x 9.1x 9.2x 6.4xCY+1 5.0x 6.2x 5.3x 3.9x 6.1x 7.2x 7.6x 10.0x 5.4x 4.4x 8.4x - 8.8x 10.2x 6.2xCY+2 4.8x 6.0x 5.2x 4.0x 5.7x 6.8x 7.3x 9.6x 5.2x 3.9x 7.8x - 8.9x 9.8x 5.8xLFY 2.06 1.33 1.81 1.95 0.26 0.46 0.01 1.29 0.09 1.93 0.28 2.36 - 0.51 0.72LTM 1.80 0.71 1.14 2.13 0.25 0.44 0.02 0.25 0.09 1.92 0.30 -5.09 1.48 0.64 0.67CY+1 1.74 1.36 1.32 3.89 0.28 0.40 0.46 1.14 0.33 1.72 0.26 0.37 1.29 0.54 0.65CY+2 1.92 1.42 1.39 3.48 0.30 0.41 0.64 1.18 0.34 1.84 0.28 1.06 1.25 0.56 0.75LFY 9.9x 23.3x 12.3x 13.0x 15.4x 9.6x 587.4x 63.9x 32.2x 9.1x 8.7x - 9.8x 13.0x 16.7xLTM 9.9x 12.5x 7.7x 13.0x 14.5x 9.5x - 14.3x - 8.9x 8.8x 3.7x - 15.2x 12.2xCY+1 10.2x 12.3x 10.6x 7.1x 13.6x 10.5x 22.9x 13.8x 9.1x 10.2x 10.1x 23.7x 11.3x 15.3x 17.1xCY+2 9.3x 11.7x 10.1x 8.0x 12.7x 10.3x 16.5x 13.4x 8.8x 9.5x 9.4x 8.2x 11.7x 14.9x 14.8x1 Year 11.4% 7.0% 16.9% 3.3% 4.9% 8.1% 3.0% 12.0% 6.6% 3.8% 8.1% 16.5% (0.0%) (3.6%) 1.8%5 Year 6.1% 7.2% 16.4% 4.1% 10.5% 8.2% (2.9%) 18.0% 9.1% 43.3% 9.5% 21.7% 7.1% 8.6% -1 Year 1.7% 14.5% 97.8% 9.3% 11.7% 2.5% 5.9% 4.9% (5.6%) (3.6%) (3.8%) (37.9%) (1.5%) (1.4%) 8.1%5 Year (1.7%) 20.7% (5.3%) 3.1% 8.1% 8.0% (6.3%) 5.7% 10.7% 1.1% 6.1% (4.7%) 3.4% 7.5% 4.3%LTM 19.7% 19.0% 6.4% 18.1% 15.4% 22.1% 9.1% 6.6% 19.5% 20.8% 23.2% 8.8% 38.6% 36.7% 14.9%CY+1 21.7% 17.0% 8.6% 16.5% 16.2% 22.5% 8.6% 7.0% 19.6% 19.9% 23.6% 9.2% 38.6% 35.0% 16.3%CY+2 22.4% 17.0% 8.7% 16.0% 16.4% 22.4% 8.9% 7.4% 19.4% 19.8% 24.0% 12.4% 37.5% 36.0% 16.8%Total Debt / Equity % 249.4% 96.3% 74.2% 134.6% 89.9% 97.4% 237.7% 136.2% 181.0% 52.6% 250.5% 78.4% 86.0% 249.2% 203.9%Total Debt / Capital % 67.7% 44.7% 40.1% 54.8% 47.3% 49.1% 65.1% 57.7% 55.6% 29.2% 64.2% 43.9% 44.8% 71.3% 59.1%Total Debt / EBITDA 4.497x 3.128x 3.073x 2.168x 1.441x 4.335x 6.332x 2.961x 4.120x 1.545x 5.549x 15.265x 3.793x 4.830x 4.414xNet Debt / EBITDA 2.942x 2.509x 2.351x 1.594x 1.187x 3.586x 4.266x 2.530x 3.508x 0.489x 4.953x 11.938x 3.080x 4.193x 3.404xEBITDA / Int. Expense 5.871x 7.199x 2.900x 7.250x 7.441x 4.822x 3.201x 3.881x 5.508x 10.317x 3.460x 1.476x 7.867x 2.040x 4.979xS&P LT Credit Rating A+ A *- A- BBB+ A- BBB BBB+ A- BBB+ BBB+ BB+ A- A- A- -S&P LT Credit Rating Date 17.01.2012 29.01.2013 27.07.2012 27.07.2012 29.05.2009 28.11.2012 24.11.2000 21.08.2009 08.03.2012 08.03.2012 01.02.2012 17.11.2011 27.11.2012 24.08.2007 -Moodys LT Credit Rating Aa3 A1 A3 A3 A3 (P)Baa1 Baa1 A3 Baa2 WR Ba1 Baa3 A2 Baa1 A3Moodys LT Credit Rating Date 14.01.2009 03.07.2012 05.10.2011 19.07.2011 21.06.2006 05.11.2012 07.02.2012 22.09.2009 05.11.2012 25.02.2009 16.02.2012 19.12.2012 15.07.2005 12.01.2007 20.05.200952-Week High Date52-Week LowLatest Fiscal Year:52-Week HighTotal DebtMarket CapitalizationDaily Volume52-Week Low % ChangeCurrent Price (5/dd/yy)52-Week High % ChangeCash and EquivalentsEBITDAEV/EBITDAEnterprise ValueValuationPreferred Stock52-Week Low DateMinority InterestTotal Common Shares (M)P/ERevenue GrowthTotal RevenueEV/Total RevenueEPSEBITDA GrowthEBITDA MarginCredit RatingsLeverage/Coverage RatiosCompany Analysis - Peers ComparisionQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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